When you can't afford it and buy it anyway (familiar?)

I'm fond of English 18th and early 19th century essays. One of my favorite possessions and reads is the Yale edition of Samuel Johnson's essays. I've been looking for a while for a good set of the Spectator, and finally found a complete set (J.B. Millet & Co, 1901, 8 volumes) in very good condition -- a bit of wear to the binding, but sound. They were asking quite a bit more than I've seen on AbeBooks, and were not interested in bargaining, but it's the kind of thing I want to have in hand before I buy it. I actually left the store, saying it was too expensive for me, but as i moaned about it in the parking lot the person with me said something like "for god's sake, go back & buy it; you can afford it." So I did.
I just started reading it. It has unopened pages, but I'm cutting them. I'm not really a fine book collector, let alone an investor. I just want an attractive copy to read & enjoy. If I prorate the pleasure of reading & holding it for (I hope) many years, it's well worth the cost.
I've had similar experiences with books illustrated by favorites, like Barry Moser.
I suspect that many book lovers have similar experiences.

A few times in the past, I made decisions not to purchase some desirable books because I felt that the prices were too high and, later, I almost always regretted not getting the books. Most often, prices went up significantly in later years.
I think that if you see a chance AND can afford the purchase, it might be an opportunity that will not come back again.

We have on a few occasions spent more than we could really afford in order to capitalize on an opportunity to pick up a volume at a lower price than usual, thus bringing it within reach, even if it was a bit of a stretch. We've never regretted those decisions.

Books can and do go up or down over time. It is hard to predict in the long run. There are fundamentals but the interests of collectors can be fickle.

I believe that you are more likely to regret an unpurchased book than one that might have been purchased at a higher price than normal.

I also find that getting a lesser copy often leads to a better copy materializing. I call this "relevance." It's like contemplating the purchase of or buying a car and suddenly noticing all of the others of the same type on the road. You have a personal association with one so you notice the others.

The value of an item generally comes down to what you are willing to pay for it, regardless of past sales or other asking prices. The value today is really only a factor if you are a bookseller and buying at one price to soon after offer at a higher one. As both a collector and bookseller, I see both during my buying trips.

James

>4 Keeline: Yes, yes. A variation on this is to be slowly assembling a full set of something, and then come across a bookseller offering the whole set. I usually opt for continuing to assemble, rather than buy the set and figure out what to do with the singles. An ongoing process, which is a good thing.

>5 rshart3: I was assembling a collection of books by Edward Eager in 1st Editions with dust jacket. It had taken years to build most of the set, I would find another item for the set ever year or two. I was to the point of needing only a dust jacket for "Knight's Castle" when I ran across a full set of his seven Fantasy titles for sale. I bought the full set just to get the dust jacket. "Knight's Castle" plus three more titles were First Printings, and the other three titles were early pritings (two second printings and one fifth printing). I still have not run across another 1st printing of "Knight's Castle" in jacket and I bought the set in 2019. I did not want to pay for a full set, but I did not want to pass up the chance to get the jacket I was missing. I have never regretted the purchase, and in general I usually I only regret the books I do not buy when the chance comes up. I am still looking for a 1st in jacket of Edward Eager's "Playing Possum" whigh is a scarce non fantasy picture book. I have a second printing in jacket, and I only want this book to complete my set of his work in First Printings. While it would be nice to have this in a First for the collection, my main interest is in the Fantasy titles.

>1 rshart3: I have a mantra for this sort of thing: "Six months from now I won't remember I couldn't afford it."

>6 Bernarrd: I was a huge fan of those Edward Eager books when I was a kid. I can completely understand the fun in collecting them. Cheers!